The Belgian fund Life lands in Valencia with an impressive project of more than 400 beds in Burjassot. A new landing that confirms the investor ‘appetite’ for this type of product and the upward trend of a market that so far in 2022 has reached an investment volume of €454 million in Spain, almost triple that of the whole of 2021.
The Belgian fund, which specialises in rental assets, has chosen the Valencian town of Burjassot to develop what will be its fourth student residence in Spain. The project, which will cost more than €25 million, will increase the supply of more than 400 new beds and 600 beds in the Valencian province.
Specifically, the new complex, which is still awaiting a licence, will be located at Calle Raco dels Pins 1 in Burjassot, very close to the Empalme Metrovalencia station. It is an area that used to house the former factory of the Valencian furniture company Mogar, which had been abandoned for years. The facilities had been closed for years, but will now be put to a new use.
After years of negotiations, the family that owned the land and the Belgian fund reached an agreement to acquire the land, which has a surface area of some 6,000 square metres and 12,500 square metres of roof.
Pending the building permit, the new student residence is expected to be operational for the 2025-2026 academic year. With this project, the Belgian group will add four residential accommodations in Spain focused on the student public.
Osborne Clarke advised Life with a Real Estate team formed by partner Julián Matos and lawyer Carlos Casacuberta.